The banks also works as an adviser and underwriter for MindMed. The bank's research is independent of its investment banking business, a spokesperson said.
Shah said the opportunity to initiate coverage of MindMed came because the psychedelics industry has seen "an improved prominence" in recent years. "As you continue to see interest from institutional capital and interest from other forms of capital, whether it be strategic investors or even global industries, it gives more of a reason for these companies to pursue a public route," Shah said.
Rahn told Business Insider that since Eight Capital's report was published, the company has received inquiries from other equity analysts at Canadian investment banks, whom he declined to name.
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