Answer
Possible.
Work Step by Step
$\sin \theta=\frac{1}{2}$ is in the range of sine function [-1,1].
$\csc\theta=2$ is within the range of cosec function as $2\in[1,\infty)$
The relation $\csc\theta=\frac{1}{\sin\theta}$ is satisfied as $2=\frac{1}{\frac{1}{2}}$
Thus, the given statement is possible.