It won't result in something as smooth as that (it looks like the black and white image was some sort of vector conversion), but you could use the Color Adjuster to make a black and white image from the colored version. The steps would be something similar to this:
- Import the image as a new painting or as a layer.
- With the image layer selected, go to Edit > Adjust Layer Colors.
- With the Adjust Colors panel opened, locate and drag the Color slider all the way to the left (-100%), making the image grayscale.
- Now locate and drag the Contrast slider all the way to the right (100%).
- Lastly, locate the Brightness slider. This step is going to take tweaking or your part, as moving the slider to either the right or left, will either increase or decrease the amount of black or white in the image.
- When you're done, click "OK" to accept the changes.
Optional Steps:
- If you'd like the white of the image to be transparent, right click the layer the image is on and select Blend Mode > Multiply
- You may now add textures on a new layer beneath the image layer (See examples below).
The image of the left is the result from the first set of steps. The image on the right is result of the second set of steps.
Nothing is easy to the unwilling.