With the release of iOS 13.4 and above, you can now share files and folders using your favorite share connection. This feature is built into the Files app.
Apple engineers took a long time in releasing this feature. It’s about time. Let’s see how this is done.
This is for iPhone and iPad running iOS 13.4 or higher

Sharing a Folder
First, launch the Files app. Navigate to the iCloud folder you would like to share. Next, press and hold the folder until a menu appears. Now, select Share. See below image:

Next, select Add People. Refer to below image:

Now, select a share method from the options like Mail, Messages, Messenger and so on. See following image:

Type in your subject and message, if necessary, then select your audience. When finished, Send your message. See below image:

Change Access Rights
First, launch the Files app. Navigate to the shared iCloud folder. Next, press and hold the folder until a menu appears. Select Share then select Show People. Refer to below image:

Tap a person in the list. Refer below to my list:

You are given two options for Permission: Can make changes and View only. You can also change Who Can Access options for the folder by selecting Only people you invite and Anyone with the link. See below image:

There is the option to remove the user’s access, just tap Stop Sharing and tap OK. See following image:

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