3 Top Canadian Growth Stocks to Back Up the Truck on Right Now

Here’s why these three top Canadian growth stocks should be on every investor’s watch list in this current environment.

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Long-term investors are constantly on the lookout to find the best opportunities in every market. Today’s no different.

Indeed, finding the highest-quality names to diversify one’s portfolio with isn’t an easy task. However, the TSX does have some gems providing great long-term upside. Among these, I think these three stocks are among the best in Canada right now.

Here’s why investors should give these three stocks a hard look right now.

Restaurant Brands

As far as growth stocks go, Restaurant Brands (TSX:QSR)(NYSE:QSR) has been a historical winner. However, this past year has not been friendly to the fast-food conglomerate.

Indeed, in-restaurant dining restrictions courtesy of the pandemic poured cold water on this company’s growth prospects. An already-struggling Tim Hortons banner saw even worse performance. And Burger King and Popeyes Louisiana Kitchen’s stellar results haven’t been enough to salvage this company’s stock price.

However, as far as pandemic reopening plays go, Restaurant Brands is one of the best. This company’s growth prospects are looking very promising in the months to come. Accordingly, I think this is a growth stock investors should consider backing the truck up on right now.

Those who believe fast food is inherently defensive and will never go away will want to own this name. Once growth picks up, investors will wish they had.

TD Bank

In the banking sector, Toronto-Dominion Bank (TSX:TD)(NYSE:TD) remains one of my top picks. This mega-cap bank provides a margin of safety most Canadian stocks can’t. And its long-term track record of returns is incredible.

Indeed, TD bank has provided investors with a double-digit CAGR for decades. It’s a bank that has a management team laser-focused on creating efficiencies. And TD’s been among the best of its peers in utilizing technology to amp up these returns.

The company’s recent results highlight the strength of this financial juggernaut. The company managed to post Q1 earnings growth of 10%, exceeding analyst expectations. In fact, TD is posting better results than during its pre-pandemic period.

Accordingly, long-term investors may want to consider this hot stock right now. It’s run pretty far, pretty fast. But it looks like there’s more gas in the tank for TD.

Curaleaf Holdings

Perhaps a speculative pick on this list, Curaleaf Holdings (TSXV:CURA) has a growth profile that ought to make just about every investor salivate. The company’s massive year-over-year revenue increase of more than 200% speaks volumes about the potential that lies ahead for Curaleaf shareholders.

Unlike its other Canadian-focused peers, Curaleaf is a U.S. multi-state operator. Accordingly, investors get direct access to the biggest (and best) cannabis company in the U.S. on the TSX Venture Exchange. That’s something that shouldn’t be taken for granted now.

Given the growth prospects U.S. legalization brings, there’s a lot to like about Curaleaf here. It’s a vertically integrated behemoth with cash flow-growth prospects that may be the envy of most Canadian stocks in a few years’ time.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool recommends RESTAURANT BRANDS INTERNATIONAL INC.

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