Yes with deposits of water on the moon you would not have to import a lot of water. The filtering and cleansing of the water can make life more easy on a moon base and farms can be growing food there allowing a much more sustainable base with lots of oxygen that is regenerated by the growing plants.
On second thought, the Moon's water may be widespread and immobile. A new analysis of data from two lunar missions finds evidence that the Moon's water is widely distributed across the surface and is not confined to a particular region or type of terrain. Source 1s.
Ingredients for water could be made on surface of moon, a chemical factory. When a stream of charged particles known as the solar wind careens onto the moon's surface at 450 kilometers per second (Or nearly 1 million miles per hour), they enrich the moon's surface in ingredients that could make water, scientists have found. Source 6k.
That is a lot of energy to make water. If humans want to have some kind of colony, we need to have much better technology to be able to release that kind of energy safely and consistantly.
Water has been discovered on sunlit part of the moon for the first time and may be distributed across the lunar surface, NASA says. The discovery, made by the SOFIA flying observatory, raises intriguing questions about resources relevant for deep space exploration, NASA said. "Water is a precious resource in deep space and a key ingredient of life as we know it. Whether the water on the moon is easily accessible for use as a resource remains to be determined," said scientist Jacob Bleacher. Ref. USAToday.