Institutional Equity Research Associate – Cannabis and Psychedelics Stifel Nicolaus Canada Inc. Montréal, QC

Full Job Description



Reporting to a Senior Analyst, the Associate’s role is to assist with the preparation of equity research publications, develop and maintain financial models, complete ad hoc research requests, and generally assist the Analyst in all aspects of equity research. The Associate is responsible for developing a well-rounded understanding of the assigned sector. This includes clearly stating and defending the investment thesis for all stocks in the assigned sector. Must be able to handle basic questions from Sales and Clients.

Stifel GMP has a strong position in the Canadian market, has an international reach and is continuing to grow by adding top talent. The role offers candidates an opportunity to gain valuable, hands-on work experience that is focused on the financial markets. In Canada, we are primarily organized into industry teams focused on specific sectors. These include: Technology, Consumer, Diversified Industries, Life Sciences, Financial Institutions, Metals & Mining, and Energy & Natural Resources.

Essential Duties and Responsibilities

  • Build and maintain Excel-based financial models, including income statements, balance sheets, cash flow statements, and discounted cash flow analysis;
  • Analyze information obtained from management in order to conceptualize and define operational opportunities and weaknesses;
  • Ability to think independently and use third party data to validate business strategies;
  • Perform validation and testing of models to ensure adequacy; reformulate models as necessary;
  • Building and updating comp sheets;
  • Managing the databases and electronic data services (i.e. Bloomberg, FactSet, etc.);
  • Must be able to clearly state and defend the Analyst’s investment thesis and outlook for each of the stocks under coverage;
  • Respond to basic questions from institutional sales and clients regarding covered companies, and industry questions and data requests;
  • Develop written product with modest direction from the senior level Analyst;
  • Able to evaluate basic valuation methodologies to stocks under coverage and the broader sector;
  • Meets the special projects demands of the senior level Analyst;
  • Uses all resources to determine and locate relevant data;
  • Continues to build industry knowledge;
  • Liaise with other sector groups and Stifel research geographies to create industry publications.


A high regard for detail and accuracy are essential. The role is challenging and fast-paced. It requires dedication, passion for the industry, and a solid work ethic.

  • Undergraduate degree in business and the pursuit of a CFA designation or MBA or CPA;
    • Pharmacology or Neuroscience educational background an asset;
    • Understanding of the Central Nervous System or technical knowledge of Cannabis-derived and Psychedelic molecules an asset;
  • 1-2 years of relevant work experience with preference for prior roles in capital markets and equity research;
  • Strong understanding of the cannabis industry;
  • Excellent communication skills, both written and verbal;
  • Skills in primary research, interviewing and data gathering;
  • Strong quantitative skills with comprehensive understanding of accounting, equity analysis, valuation and financial modeling;
  • Creativity with respect to investment analysis and a passionate interest in capital markets;
  • Ability to work under a high pressure and time sensitive environment;
  • Meticulous attention to detail while maintaining an ability to see the overall picture;
  • Desire to join and help build a winning team; and
  • Proficient in Microsoft Office Suite; experience using Bloomberg, FactSet or similar platform.

Please note this position is located in Montreal, Quebec or Toronto, Ontario with regular and frequent virtual coordination with the senior level Analyst in Montreal.


Stifel Canada ( is a leading provider of investment banking services, including advisory and underwriting, institutional sales and trading and research services. We offer a full suite of focused debt capital markets, equity capital markets, financial advisory, and investment services, delivering superior advice and execution to a broad range of corporate clients and institutional investors worldwide.

Stifel Canada is a subsidiary of Stifel Financial Corp., a public (NYSE – SF) full-service global investment bank with over 8,500 personnel operating in Canada, the United States and Europe. This includes over 400 investment banking professionals serving the needs of growth companies through specialized expertise and strong relationships within its core industries. As a growth company itself, Stifel’s passion is in bringing the right combination of people, products and services to the table to help our clients grow and excel for the long term.

At Stifel Canada we offer an entrepreneurial environment, competitive pay, comprehensive benefits package to include health, dental, paramedical and vision care, HCSA, wellness initiatives, life insurance, and paid time off.


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