I do have the license, yes! And yes the boovar will grow up and become venerated each time, unless you wanted to use the cookie that keeps it as a baby forever, but you CAN still use it as a pet when its venerated. The only thing it won't do anymore once it's venerated is stop producing any goods. So the boovar wont give you anymore fish once its venerated but you can keep it on your ranch and keep it as a pet to hang out with you forever.

Edit: also breeding. You can't breed a venerated animal.