Former state Sen. Clayton Hee withdrew from the race for governor Monday, saying he does not have the kind of money he would need to compete against Gov. David Ige or U.S. Rep. Colleen Hanabusa. However, Hee said he is now weighing whether he will run for lieutenant governor or for the state Senate.

Hee told reporters at a downtown press conference Monday that he isn’t endorsing any other candidate in the Democratic primary for governor, but his early exit from the contest seems most likely to benefit Hanabusa.

Ige has trailed Hanabusa in early published polls, including one by the Honolulu Star-Advertiser in late March in which 47 percent of likely Democratic voters said they would vote for Hanabusa if the election were held then. Only 27 percent said they would vote for Ige, and Hee trailed both of them at 11 percent.

Some experienced political hands believe Hee’s campaign essentially was dividing up the opposition to Ige, which might have benefited Ige significantly if Hee had stayed in the contest.

“The person who should be most happy about this is Colleen Hanabusa, because I think a lot of those voters who would have been supporting Clayton Hee, a lot of them will probably go to her,” said Colin Moore, director of the University of Hawaii’s Public Policy Center.

“This is a good day for her campaign,” Moore said of Hanabusa. “I think 75 percent of those Hee voters will go for her.”

Before Hee announced he was running in February, an email circulated in political circles alleging that Ige supporters had encouraged Hee to run as part of an effort to peel Native Hawaiian votes away from Hana­busa. Hee has said that email was an example of “the kind of unfortunate nonsense that arises in political contests.”

Still, at least some in the Ige camp wanted Hee to remain in the race. Hee, 65, told reporters Monday that an old friend of his who is involved in the Ige campaign called Hee before the Monday press conference to try to convince him to continue the campaign for governor.

Hee declined, saying Monday that “those closest to me, my family and associates and friends, agree on one thing, and that is when confronted with the millions of dollars of the other two candidates, our funds are not sufficient to be competitive. This has nothing to do with the message. Our message has resonated when the message has gone out.”

Hanabusa released a very brief statement acknowledging Hee’s decision, adding that “we are thankful for the discussion generated by the issues he raised.”

Ige said through a spokeswoman that “we are both trying to do the right things for the right reasons and lead from the people’s perspective. I appreciate the passion he brought to this race, and thank him for his continued commitment to the people of Hawaii.”

Hee served a dozen years as Office of Hawaiian Affairs trustee and 14 years as a state senator representing Windward Oahu. He also served two years in the state House. He last held public office as a senator in 2014, when he left the Senate to make his most recent run for lieutenant governor against Shan Tsutsui.

Hee’s previous efforts to seek higher office have been unsuccessful, including his runs for lieutenant governor in 2002 and 2014, and his unsuccessful bid for a U.S. House seat in 2006.

Hee said he will decide today whether he will join the crowded field of candidates running for lieutenant governor, or whether he will challenge state Sen. Gil Riviere (D-Heeia-Laie-­Waialua) in the Democratic primary for that seat.