Looking forward to fiscal '21 and with the restructurings that we made, we expect share-based compensation to be 30% to 40% lower than in fiscal '20.

And every CPG company I've ever worked at has always had an ongoing provision, and it's really a function of what are your customer agreements. Your next question comes from the line of Rupesh Parikh of Oppenheimer.

I would just add to that that whatever we do, we want to do it with an eye toward not just what works for today but what works for the long term as well. Our free cash flow in the third quarter of fiscal '20 was an outflow of $360 million, which is a 16% improvement over the second quarter of fiscal '20. Share-based compensation expenses decreased from $92.9 million in the second quarter to $61.7 million in the third quarter, and the decline in stock-based compensation was due to certain onetime benefits as well as reductions that resulted from the restructuring of our share-based compensation program that I spoke about last quarter. Canopy simply has stronger foundations in place to encourage long-term growth—poor quarter or not.

Thanks, Adam. First, you have a market that is in decline—at least for now.

So we're seeing some good growth there as well, and we've built a good business.

At retail and using data published by provincial agencies in StatCan, Canopy is No. Chris Blake -- Laurentian Bank -- Analyst.

View CGC revenue estimates and earnings estimates, as well as analyst recommendations. No. Because given your background, you certainly, I think, would be comfortable not being a market leader but operating from position of market share gains once you've achieved the right profitability framework. The consensus among analysts is that Canopy Growth Corporation (CGC) is a Hold stock at the moment, with a recommendation rating of 0. Researching stocks has never been so easy or insightful as with the ZER Analyst and Snapshot reports. So how do you think about near-term shares and kind of that long-term share aspirations? Another key focus area is better managing supply and to work toward having a supply and demand balance as quickly as possible. More Info. The company also saw profit skyrocket by 2,826% to CA$104.2 million.

Your final question comes from the line of John Chu of Desjardins Capital Markets. Visit performance for information about the performance numbers displayed above.

Are we going to face some headwinds from some potential deleveraging of facilities in the short run as we make some fine-tune adjustments? Aaron Gray -- Alliance Global Partners -- Analyst. And where are you now resolving the cause of that delay? Hi.

Zacks Ranks stocks can, and often do, change throughout the month. But the high end is also performing quite well. The Canadian marijuana legalization naturally demanded an increase in spending, but the numbers were underwhelming all the same.

There's also a VGM Score ('V' for Value, 'G' for Growth and 'M' for Momentum), which combines the weighted average of the individual style scores into one score.

So innovation is driving a good portion of the growth. And it sounds like we're going to get more details around that in fiscal Q4. Or should we expect this line item to increase? Compared to the previous quarter, however, it fell from CA$25.9.

It's notable that sales of oil and softgels accounts for over 60% of our Canadian medical sales.

Hi. Now what I'll say, though, is that I believe that that's probably a longer build. And in the previous quarter, it was 40,000 kilograms.

If we look at the company’s 10-day average daily trading volume, we find that it stood at 2.83 Million shares traded. I think as we look at focusing the business, we have to decide where we're going to invest from an R&D and innovation standpoint. I would now like to take a few moments to provide Canopy's perspective on a dynamic that we are seeing in the Canadian rec channel.

The growth of our higher-margin consumer product businesses, such as S&B and This Works, also had a positive impact to gross margin during the quarter. We've quantified the difference between the two estimates with our Earnings ESP (Expected Surprise Prediction).

That enthusiasm fell back to earth, however, when the company reported earnings in early August. You can unsubscribe at any time. And everyone knows the story of anticipated market growth and where we are.

Our business generated gross margins of 34% before fair value impacts.

As of June 29, 2020, Vanguard Group, Inc. (The) held 1.73% of shares outstanding. We now need to get on the shelf with First & Free and with some of our other products such as BioSteel with CBD in the U.S., so it really is more about execution. Yes. This news release is available on Canopy Growth's website and has been filed on SEDAR. Judy Hong -- Vice President, Investor Relations. We also see our cannabis beverage as truly disruptive and the best vehicle to attract new consumers to the cannabis market.

ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.

Good morning, and congrats, David, on the new role.