You can move the distribution to another drive using lxRunOffline.

1. Set permissions to the target folder. First, I think you must set some permissions to the folder where the distribution will be moved. You may use icacls <dir> /grant "<user>:(OI)(CI)(F)" to set the proper permissions.

C:\> whoami
test\jaime

C:\> icacls D:\wsl /grant "jaime:(OI)(CI)(F)"

NOTE: In addition to the above permissions, I have activated the long path names in Windows.

2. Move the distribution. Using lxrunoffline move.

C:\wsl> lxrunoffline move -n Ubuntu-18.04 -d d:\wsl\installed\Ubuntu-18.04

You may check the installation folder using

C:\wsl> lxrunoffline get-dir -n Ubuntu-18.04
d:\wsl\installed\Ubuntu-18.04

3. Run the distribution. after moving the distribution, you can run the distribution using wsl or the same lxrunoffline

C:\wsl> lxrunoffline run -n Ubuntu-18.04 -w
user@test:~$ exit
logout

C:\wsl> wsl
user@test:/mnt/c/wsl$ exit
logout