Yes it can, per Erika Dreifus’ article "Making Poetry Pay: Five Ways to Increase Your Poetry Income" on the Association of Writers & Writing Programs website. She provides some simple – almost obvious – guidelines for turning your poetry practice into cash.
One of these tips – aiming for 100 rejections per year – is already a part of my current writing endeavors. Still, I plan on studying all of this blueprint and incorporating the other action items soon.