Growth stocks are a great way to increase your portfolio's value over the long term. Investors love companies that continue to expand their reach and add to their sales numbers, because it usually means they're doing something right and their products and services are in high demand.

The two stocks listed below are both generating impressive growth and are recently coming off some strong earnings results. And despite the COVID-19 pandemic, they are still expecting more growth in the next quarter and beyond:

1. Trulieve

Trulieve Cannabis (OTC:TCNNF) is a top cannabis producer and multistate operator, although the bulk of its operations are in its home state of Florida. The company's focus has been on serving the medical marijuana market there, and it's been steadily growing and adding locations. It currently has 57 dispensaries throughout the country, with 55 of them in Florida.

Stock chart showing numbers getting bigger.

Image source: Getty Images.

It's a unique cannabis company to invest in, because not only is it growing, it's doing so in a sustainable and profitable way. Second-quarter results for the period ending June 30, released Aug. 12, showed sales of $120.8 million, up 109% year-over-year and 26% from the first quarter. Trulieve also posted an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) number of $60.5 million, which was up 92% year-over-year.

Even if its growth rate starts to slow down, Trulieve's likely to continue growing at a rapid rate. Medical marijuana can be a cheaper alternative to conventional healthcare for patients who need to treat symptoms. And with Trulieve offering home delivery, it's able to easily serve older patients, as well as people who simply don't want to venture out of their homes amid the COVID-19 pandemic. Either way, the company's in good shape to continue delivering strong growth numbers for the foreseeable future.

In fact, management is so bullish on the future that they've increased guidance. Trulieve now expects its revenue for 2020 to come in within a range of $465 million to $485 million, up from its earlier guidance of between $380 million and $400 million. And it expects adjusted EBITDA to fall between $205 million and $225 million this year, up from a range of $140 million to $160 million. Management also noted in its earnings release that it's planning to open more stores, hoping for almost 70 by the end of the year.

They're also projecting that in 2021 the company will enter the Massachusetts market, fueling even more growth. In December 2018, Trulieve acquired Massachusetts-based Life Essence, which gave it a footprint in that state. Trulieve also has a presence in Connecticut and California, with one dispensary each.

2. One Medical

One Medical, also known by its formal name of 1Life Healthcare (NASDAQ:ONEM), is a healthcare stock with significant growth potential. The California-based business, which bills through insurance, allows people to easily obtain healthcare coverage and schedule appointments with primary care providers. It also charges an annual membership fee that costs just $199 per year for use of its 24/7 on-demand digital health services. The primary care provider allows patients to connect to doctors remotely, and it also gives them the ability to access locations across the country. According to its website, One Medical has more than 85 offices up and running in 12 major cities.

It also released second-quarter results for the period ending June 30 on Aug. 12, reporting a year-over-year sales increase of 18%, with net revenue climbing to $78 million. A key driver in that was a 25% increase in memberships, with 475,000 members now subscribing to One Medical's service. Management continues to expect more growth, forecasting that by the end of next quarter its member count will reach between 486,000 and 496,000 and net Q3 revenue will climb as high as $89 million.

With the country in the middle of a recession and millions of Americans losing not just their jobs but the healthcare coverage they had through their employers, there's going to be strong demand for One Medical's services. And the flexibility of allowing patients to access remote or in-person care will help add more value than an online-only service provider could claim. As people look to cut down on medical bills and other expenses, the company's reasonably priced membership will appeal to many patients who need affordable healthcare coverage.

Unlike Trulieve, however, One Medical still struggles to post a profit, reporting an adjusted EBITDA loss of $15.2 million in Q2 and a net loss of $30.3 million. In each of its past five quarters, One Medical incurred a net loss of at least $11 million.

However, this company's still in its early growth stages; losses are a bit more understandable given all the changes One Medical's going through. The company, which is backed by Alphabet-owned Google, only started trading publicly back in January.

Which stock is the better buy?

Both of these stocks are hot buys this year, vastly outperforming the S&P 500:

ONEM Chart

ONEM data by YCharts

But the clear advantage at this point goes to Trulieve. With a strong bottom line and a higher growth rate, it's easy to see why the pot stock will continue to do well as it plans to grow beyond Florida. That said, either one of these two growth stocks is a great buy, capable of producing some terrific returns for your portfolio.