4 Canadian Growth Stocks to Buy Right Now

Growth stocks such as WELL Health, Canada Goose, and HEXO can help you increase your wealth at a stellar pace in the upcoming decade.

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The equity markets continue to trade near record highs, making investors extremely nervous. The rally has primarily been driven by the massive outperformance in technology stocks, as the COVID-19 pandemic acted as a tailwind for several of these companies. However, there are a few other growth stocks trading at a discount that you can look to add to your portfolio right now.

Canada Goose

The first stock on my list is domestic retailer Canada Goose (TSX:GOOS)(NYSE:GOOS). Shares of the company fell close to 10% on August 11, as the company failed to impress investors following its quarterly results.

In the June quarter, Canada Goose’s direct-to-consumer sales stood at $29.4 million compared to just $10.4 million in the prior-year period. However, its operating loss also widened to $60.7 million from $59.3 million in this period.

Canada Goose attributed the loss to higher marketing spend and investments in strategic initiatives as well as an increase in performance-based compensation expenses.

The recent pullback in GOOS stock allows investors to buy the dip and benefit from outsized gains over the long term.

WELL Health Technologies

This high-growth tech stock is down 14% from record highs and remains a top bet for 2021 and beyond. WELL Health (TSX:WELL) stock has, in fact, returned close to 8,000% in cumulative returns since its IPO in mid-2016.

Despite its astonishing returns, WELL Health continues to trade at an attractive valuation. Driven by highly accretive acquisitions, the company has managed to increase sales from less than $6 million in 2018 to $50 million in 2020.

Bay Street expects sales to touch $265 million in 2021 and $423 million in 2022, allowing the company to improve its bottom line from a loss of $0.03 per share in 2020 to earnings of $0.06 per share in 2022.


A cannabis company that is down 90% from all-time highs, HEXO (TSX:HEXO)(NYSE:HEXO) is a stock that can gain momentum soon. This marijuana giant has been on an acquisition spree this year and is expected to increase sales from $81 million in fiscal 2020 to $254 million in 2022. This will also enable the company to narrow its adjusted loss from $7.08 per share in 2020 to $0.1 per share in 2022.

HEXO enjoys a share of 17% in Canada’s recreational marijuana market following its acquisition of Redecan for $925 million, making it the leader in this space.

In its most recent reported quarter, HEXO also managed to narrow its operating loss to $16.1 million compared to $25.6 million in the year-ago period.


A fintech giant that’s firing on all cylinders, Nuvei (TSX:NVEI) is a quality Canadian growth stock. Nuvei went public in September 2020 and has already returned a stellar 180% to shareholders in less than a year.

In the second quarter of 2021, Nuvei’s revenue soared 114% year over year to $178.2 million, while total volume on its platform increased by 146% to $21.9 billion. Its net income increased to $38.9 million compared to just $14 million in Q2 of 2020. Comparatively, its adjusted net income rose from $16.3 million to $64.5 million in the June quarter.

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 Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool recommends Canada Goose Holdings and HEXO Corp.

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