The short version
Most research peptides, BPC-157, TB-500, GHK-Cu and similar compounds, are not scheduled controlled substances in Canada. Holding them and selling them for laboratory research purposes is generally lawful. What is not lawful is selling them as drugs, supplements, or anything intended for human consumption without Health Canada authorization.
That is the structure of the entire market in two sentences: lawful as research chemicals, unlawful as unapproved medicines. The line does not run through the molecule. It runs through what the molecule is sold for.