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Founded in 2008 by Nick Waddell, Cantech Letter is an online magazine focusing on Canadian technology.

The site has grown into one of the most popular and respected financial sites in Canada, and was described by Canadian Business Magazine as “one of Canada’s premier technology newsletters”. Waddell, who is Senior Editor, is routinely called on by the mainstream media for perspective on Canadian technology, and has been featured on BNN, CTV News Channel, and the CBC program “The Lang and O’Leary Exchange” in addition to mainstream print media such as The GuardianThe International Business Times, The Globe and Mail, Macleans, The Waterloo Record , Canadian Business, Slate, and Business Insider. You can email Nick at nick@cantechletter.com

Cantech Letter is focused on those companies listed on the TSX and TSXV Technology, Cleantech and Life Sciences Sectors. Each year we present the Cantech Letter Awards, which honor Canada’s Top Technology Stock and Top Technology Stock Executive.

Nick Waddell, Senior Editor

Nick is President of Cantech Media and Founding Editor of Cantech Letter. Nick has fifteen years experience with public technology companies in the areas of corporate communications and corporate finance. Nick is also a contributor to publications such as Canadian Business and Business Insider. Prior to this work, Nick was a writer and editor with Monday Publications in Victoria, BC and, in the early 1990’s was a VP with one of the world’s first profitable internet sites, Canadian Stock Market Reporter. Nick majored in English and minored in Economics at The University of Guelph and Simon Fraser University.

Cantech Letter features select research from many of Canada’s top technology focused investment banks, including:


Haywood-LogoHaywood Securities

Haywood Securities values its independence and its entrepreneurial spirit. Our analysts and advisors seek proven management in young companies that are built around fresh ideas with the potential for rapid growth in the oil and gas, mining and special situation sectors. Haywood Securities offers these investment opportunities to a select group of qualified investors in both the institutional and retail markets.

At Haywood, we foster long-term relationships with the companies we support through our often multiple financings in the capital markets and our ongoing advisory services. Our goal is not only to ensure the success of the venture, but also to build enduring value for our investors.

Recent Research from Haywood Securities

Massimo Voci:

Absolute Software is still undervalued, says Haywood


paradigm capital logoParadigm Capital

Paradigm Capital is a research-driven investment dealer. Our sales and trading desk focuses on companies we cover. Our investment banking team provides innovative and attentive service. We believe that teamwork and long-term relationships are the key to exceptional success and growth.

Recent Research from Paradigm Capital

Daniel Kim:

ATS Automation gets upgraded to “Buy” at Paradigm

Christopher Lam:

QHR restructuring gets thumbs up at Paradigm

Spencer Churchill:

DIRTT Environmental gets price target raise at Paradigm

J. Marvin Wolff:

ZENN Motor is at a “breakthrough” moment, says Paradigm Capital

Alan Ridgeway:

ProMetic’s decision to finance is sound, says Paradigm


mackie research capital logoMackie Research Capital Corporation

Mackie Research Capital is one of Canada’s largest independent full service investment firms, and proudly traces its roots back to 1921. We are privately owned by many of our 350 employees. As a fully integrated national investment dealer, we offer a full complement of capital markets and wealth management services to private clients, institutions and growth companies.
Independent Thought

At Mackie Research Capital, independence, innovation and integrity are the foundations of our success. From the pre-boom markets of the early 1920s to the present, Mackie Research Capital has remained an independently-owned firm. We provide our clients with unique products and exceptional personalized service. Our pursuit of innovative approaches distinguishes us as one of a kind. Independence allows our experienced and knowledgeable team of investment bankers, dedicated institutional sales people and top-rated research analysts to do what they do best – provide objective, unbiased advice that is tailored to our clients’ needs.

Recent Research from Mackie Research Capital:

Raveel Afzaal::

NXT Energy gets target raise to $2.50 at Mackie

Nikhil Thadani:

Espial gets upgraded at Mackie Research Capital


Industrial Alliance Securities

Industrial Alliance Securities offers a full-range of services to institutional and corporate clients. Focused on Canadian mid-cap and emerging growth companies, our commitment is centered on innovative and insightful research, trade execution based on market intelligence, nation-wide distribution of investment ideas, and offering timely, client-centric financing solutions.

Recent Research from Industrial Alliance

Fred Westra:

Pethealth sale could mean big upside for shareholders, says Industrial Alliance

Cantor Fitzgerald Canada

Cantor Fitzgerald, a leading global financial services firm at the forefront of financial and technological innovation, has been a proven and resilient leader for over 65 years.

Recent Research from Cantor Fitzgerald Canada:

Scott Curtis:

BioSyent is firing on all cylinders, says Cantor Fitzgerald Canada

Ralph Garcea:

The best is yet to come for Intertain Group, says Cantor Fitzgerald

Justin Kew:

Catamaran takeover bid by UnitedHealth gets thumbs up at Cantor Fitzgerald


M Partners

As an independent full service investment bank, M Partners’ first priority is the financial satisfaction of its clients. This is achieved through a knowledge driven effort, which when combined with the extensive skills of the firm’s partners, facilitates superior research and excellent trade execution.

Recent research from M Partner’s analysts:

Manish Grigo:

RDM gets target raise at M Partners

Daniel Pearlstein:

Bedrocan Cannabis gets price target raise at M Partners

Cormark Securities

Cormark Securities is a leading independent investment dealer counseling Canadian and international institutional investors and Canadian-listed mid-cap and emerging growth companies from offices in Toronto and Calgary. Established in 1981 as Sprott Securities, Cormark has evolved into an industry leader recognized for its knowledge and commitment to the mid-cap and emerging growth market. Cormark has been rated Canada’s #1 small/mid cap brokerage firm by institutional investors for five of the last seven years, as compiled by Brendan Wood International.

Recent Research from Cormark Securities:

Richard Tse:

Stay on the sidelines with regards to Baylin, says Cormark

PI Financial Corp.

In its 31st year of operations, PI has emerged as one of the leading independent investment dealers in Canada, providing our individual, corporate, government, and institutional clients with the full spectrum of investment products and services. Our strong capital position, experienced management team, and professional advisors have enabled us to weather the economic downturns in recent years and continue to grow.

Recent Research from PI:

Pardeep Sangha

Solium Capital pullback is a buying opportunity, says Pardeep Sangha


Global Maxfin Investments Inc.

global maxfin logo

Global Maxfin Investments Inc. is a young and dynamically growing Mutual Fund Dealership, committed to providing its Independent Advisors a broad range of products, services, and support needed to grow an advisor’s practice. Global Maxfin Investments Inc., with its affiliated companies, Global Insurance Solutions Inc. (Insurance Brokerage) Global RESP Corporation (promoter and distributor of proprietary RESP product–“The Global RESP”) Global Maxfin Capital Inc . (Investment Dealer), offers its Independent Advisors a variety of marketing and Dual Licensing opportunities. Headquartered in Richmond Hill, Ontario, Global Maxfin Investments Inc. is proud to be a member of the Mutual Fund Dealers Association (MFDA) and The Investment Funds Institute of Canada (IFIC).

Recent Research from Global Maxfin:

Manish Grigo:

Espial’s wins are set to accelerate, says Global Maxfin


Clarus Securities

clarus securities logo

Clarus Securities is a research-driven, institutional investment dealer, focused on providing a superior level of service to the small to mid-cap market.

Recent Research from Clarus:

Eyal Ofir

Amaya Gaming’s California prospects improved by bolstered coalition, says Clarus


Laurentian Bank Securities


Founded in 1991, Laurentian Bank Securities (LBS) has acquired a reputation for excellence thanks to its research service, trading desks and retail services. With the expertise of some 175 professionals working at its Montreal head office and 13 offices across Quebec and Ontario, the firm, a wholly owned subsidiary of the Laurentian Bank of Canada, holds close to $2 billion in assets under management.

Recent research from Laurentian:

Joseph Walewicz:

Concordia Healthcare leadership changes get thumbs up at Laurentian

Nick Agostino:

Look for better things from BSM Technologies starting with Q2, says Laurentian

Michael Glen:

DIRTT gets target raise to $10 at Laurentian Bank Securities


Dundee Capital Markets


Dundee Capital Markets is a full-service Canadian investment dealer with principal businesses that include investment banking, institutional sales and trading and private client financial advisory. Our capital markets group focuses primarily on Mining, Energy, Real Estate, Infrastructure & Industrials and aims to provide innovative research, trading strategies and opportunities for our institutional and retail clients.

Recent research from Dundee:

Eyal Ofir:

Amaya still has significant upside, says Dundee


Euro Pacific Canada


Recent research from Euro Pacific Canada:

Andrej Krneta:

Constellation Software gets price target raise at Euro Pacific Canada

Rob Goff:

Three key questions on Espial from Euro Pacific analyst Rob Goff

Amr Ezzat:

Mediagrif is undervalued, says Euro Pacific analyst Amr Ezzat


    Contributing Editors

Associate Editor
Terry Dawes

Based in Montreal, Terry Dawes is an experienced copy writer and editor. Terry graduated from Concordia University in 2002 with Master of Fine Arts, Film Production. He recently worked for Les Éditions Gesca, where he contributed to publications such as VIA Destinations and BMW Experience. The art of technology excites him and chronicling the dynamic between innovation, economic necessity and how technological advances can change our lives (ideally for the better) is one of his go-to interests. You can reach Terry at terry@cantechletter.com



Associate Editor, Life Sciences
Hogan Mullally

Hogan Mullally is the founder & president of SectorSpeak Inc., a Canadian investor relations firm with a focus on the life sciences. He is also a partner in Bridge Relations Ltd., a European focused investor relations firm. Prior to forming SectorSpeak, Hogan led the in-house investor relations team for a TSX/Amex listed Canadian life science company. He also spent 7 years in pharmaceutical sales, marketing cardiovascular, oncology and dermatology products to primary care physicians and specialists. Hogan has completed his MBA, specializing in finance, from the Asper School of Business at the University of Manitoba. You can reach Hogan at hogan@cantechletter.com or follow him on Twitter, where his handle is @HoganMullally


Legal Affairs
Timothy Murphy 

Timothy W. Murphy, LL.M, is the principal of Murphy & Company, a business law practice based in Vancouver, Canada, that delivers comprehensive legal advice in the technology and finance sectors. Mr. Murphy articled with a leading national law firm, has international experience with Freshfields Bruckhaus Deringer LLP in Paris, France, and, until September 2010, acted as in-house legal counsel for a multinational software company. Mr. Murphy holds a master’s degree in law from McGill University. For more information email: tmurphy[at]murphyandcompany.ca. or tim@cantechletter.com

Check out Tim’s recent article “A Facebook In The Crowd? Get Ready For Crowdfunding 2.0


Canadian Technology
Ron Shuttleworth

Ron is Managing Partner at Razor Capital Partners and President, RES Group Inc. Ron’s blog RES FREE THINKING is essential reading for anyone interested in the world of Canadian technology.

Ron recently shared his top picks on BNN.


All material is copyright (2015) Cantech Letter. For reprint rights please contact us.


Contact Info:

Cantech Letter
3860 Dollarton Hwy
North Vancouver BC V7G 1A2

Phone: (604) 720-2684

Email: nick (at) cantechletter.com


We love to hear from you – is there a company/event you think we should be covering?

Contact us at: info@cantechletter.com