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Yes, you can do that. If it's going to be stretched later, remember to allow for part of the canvas going over the edge of the stretcher bars when finalizing the composition. There is a risk of damaging the finished painting when stretching it, for instance damaging the painted surface as you grip the canvas with your hands or pliers, and it's hard to get as tight. If in doubt, practice on an unimportant painting or take it to a professional framer with experience of doing this. Not stretching it is, of course, also an option. The painting could be displayed by attaching only the top to a wooden bar (a dowel, or even a solitary stretcher). If it's a small painting, it could be mounted in a box frame, as is done with watercolor paper.