Adding video Links to Canvas modules is different from Embedding a Panopto Video in Canvas. This linking workflow is not recommended since it requires the extra step of sharing your video, but in case it's necessary, here's how to do it.
1) Find your video in Panopto (see this guide to navigating folders). Hover over it with your mouse and click the Share button.
2) Check that your sharing settings are configured properly to grant access to your class (see this guide to sharing). Then, copy the link at the top of the window.
3) Click the X at top right to close the sharing window and return to Canvas. In Canvas, go to Modules in your left-hand course menu. Click the “+” button to the right of the desired module.
4) Use the “Add…” dropdown menu to select External URL. Paste the link you copied in step 2 into the URL field. Use “Page Name” to give the link a name if you wish. Choose whether you’d like the link to open in a new tab, or to appear indented in the module (these are just visual preferences). When you’re done, click the blue Add Item button.
5) This will add the link to your module. Be sure to publish it by clicking the crosshatch button to the link’s right, which should turn it into a green check.
When students click the link, they’ll be taken to a Canvas page that displays the video.