No, I don't believe so. Canvas is not set up for that.
Personally, I would just go with Option 1.
HW 20%, Midterm 20%, Discussion 20%, Final 40%
Option 2 puts far too much weight on a single assessment. In fact, at my community college, the final exam cannot count for more than 40% of the final grade.
I might suggest putting more emphasis on homework and discussions, especially if you are teaching remotely. When we moved to teaching online in March 2020, we lost the ability to effectively proctor our students during exams. That's led to a lot of cheating, especially on high-stakes exams. Just something to consider.
This discussion post is outdated and has been archived. Please use the Community question forums and official documentation for the most current and accurate information.