You will get an error message if you try and upload a file as large as a movie to your Canvas site. If you want students to have access to a large file like a movie, you can upload that to Yuja instead and embed the content in Canvas.
You will want to make sure you are compliant with copyright and with the federal prohibitions against circumventing technical measures. Ripping a copy of a film that is encrypted may violate the anti-circumvention measures of the Digital Millennium Copyright Act (DMCA). You may be able to copy an entire film if your purpose is to use that copy to make short portions of the film available to students for a course.
Make sure you restrict access in Yuja to students enrolled in your course, and make sure you correct the captions on the film to 100 percent accuracy.
Alternatively, you can ask the library to lease streaming access for the film. Be aware that some films and television series are exclusive to personal streaming services that don't offer subscriptions to libraries. Sometimes your only option is to ask students to subscribe to those streaming services to watch the content.