The increase was the result of a series of on-market trades, the most recent being the purchase of 1 million shares last Thursday 16 May for $145,478.
Merchant is a boutique Perth-based fund manager focused on early-stage ASX opportunities.
READ: CannPal Animal Therapeutics files new patent application as industry-leading research is recognised
The buying activity from Merchant follows purchases from a number of CannPal board members.
The most recent purchase was from founder and managing director Layton Mills who purchased 65,000 shares via on-market trades earlier this month.
The share purchase from Mills follows purchases from Max Johnston in March, chairman Geoff Starr in February, and Robert Clifford in January.
CannPal is a pharmaceutical-focused animal health company researching the benefits of medical cannabis for companion animals such as dogs and cats.
CPAT-01 is the company’s lead drug candidate under development targeting pain and inflammation control in dogs.