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DENVER — Former Congressman Tom Tancredo has dropped out of the race for governor.

Despite leading in several polls in the race for the GOP nomination, Tancredo said Tuesday that the money was simply not there.

“We established a threshold in the bank of $150,000 by the 15th of January and frankly we didn’t make it. In fact we made half of that,” Tancredo said.

“You can do a lot with name recognition, but you are not going to go the distance. The reality is I don’t want to win a primary and lose the general.”

The news likely benefits State Treasurer Walker Stapleton and Attorney General Cynthia Coffman, two big-name candidates with name recognition in Colorado politics.

The news could also benefit lesser-known candidates because Tancredo supporters will be looking for a candidate who shares his version of conservatism.

Tancredo previously said he would defund the city of Denver over its sanctuary city policies.

“I like any Republican who wins the nomination,” Tancredo said when asked if he would endorse anyone.