Canvas element as mesh material

gistfile1.js

        var canvas = document.createElement('canvas', { style: "background: none" });
        canvas.width = 400;
        canvas.height = 25;
        var context = canvas.getContext('2d');
        context.fillStyle = 'blue';
        context.fillText(labelText, 0, 0);
        var material = new THREE.MeshBasicMaterial(canvas);
        var geometry = new THREE.PlaneGeometry(400,25);
        var plane = new THREE.Mesh( geometry, material);