A science-based report from the University of British Columbia to the Canadian Federal Government has been quoted as stating "The cephalopods, including octopus and squid, have a remarkably well developed nervous system and may well be capable of experiencing pain and suffering."

Do squid have pain receptors?

We demonstrate that squid possess nociceptors that selectively encode noxious mechanical but not heat stimuli, and that show long-lasting peripheral sensitization to mechanical stimuli after minor injury to the body.

Do squids feel pain cutting?

Shortly after a squid's fin is crushed, nociceptors become active not only in the region of the wound but across a large part of its body, extending as far as the opposite fin. This suggests that if it feels pain, rather than being able to pinpoint the location of a wound, an injured squid may hurt all over.