Cannot erase/reformat 4tb Lacie ext. drive

Hi,

I just got the 4TB Rugged USB 3.0 Type-C External Hard Drive for my new Macbook Pro.

When going to disk utility to reformat the drive, selecting Mac OS Extended (Journaled), and then attempting to erase, it fails and says "The disk is too large to be supported by the given partition scheme. Operation failed…"

The scheme is set to Master Boot Record.

I've never had a hard drive bigger than 2tb, and this is primarily used for video editing and storing video files, so thats why I wanted to reformat to Mac OS Extended, to handle large file transfers and etc.

Any help would be appreciated. Thank you in advance.