Yes, most of it can. Treaty nationality rests on citizenship, which a naturalized Canadian already holds, and the business elements — substantial capital at risk, a real operating enterprise, non-marginality, genuine development and direction — can be built now. The passport matters for the application step and for travel, so confirm current requirements before scheduling anything.
Separate what the document blocks from what it does not
Make two lists: steps that need the passport in hand, and steps that need only citizenship and business facts. Note that Canadian citizens generally need an E visa, so the plan should assume an application step rather than a border request. Nothing about approval or timing is guaranteed, which is a reason to move the evidence work forward while the document is pending.
The investor must hold the nationality of a country with which the United States maintains the relevant treaty, and at least fifty per cent of the enterprise must be owned by nationals of that same country. Treaty nationality and qualifying enterprise ownership must still be shown, and the investor needs at least 50 percent ownership or other operational control to develop and direct the venture.
A fifty-fifty split with a U.S. partner who holds the deciding vote will not qualify.