It is possible to manually upload a pre-recorded video file to Panopto from the Panopto website, which allows for easy insertion of the video into Canvas via the Panopto icon. Panopto supports a number of video formats, including AVI, MP4, MPG, WMV, MOV, QT, ASF, 3GP, WMA, MP3, M4V, and more. For a full list of supported formats visit Supported File Types.
To manually upload a video file to Canvas, please see the following Panopto guide: How to Upload Video Files Using the Create Button
Because videos that are too large (over 1 gigabyte in size) often fail to upload to Panopto, Panopto has created the following guide on using Handbrake to resize an externally-recorded video: How to Use Handbrake.