Do you really need the white part of the image?
Anyways, here is a simple CanvasItemMaterial fragment shader that makes white pixels transparent:
vec4 col = tex(TEXTURE, UV);
if(col.rgb == vec3(1,1,1)) {
col.a = 0;
}
COLOR = col * SRC_COLOR;
But I still think it would be much simpler if you open the image in Paint.NET / Photoshop / Gimp and make the areas you want transparent.