Navigate to the Assignment and click "Edit"

Click the plug-ins icon on the toolbar and click "Studio" 

If Studio isn't showing, click "View All"

Click "Select" on the video you want to embed.

Make sure the "Display Media Tabs" option is enabled (green)

Instructure

If you would like students to respond to a Studio video with text comments, embed the Studio video in a Canvas assignment and enable the "Display Media Tabs" option.

Studio Video Discussion