Republican businessman Carl Paladino on Sunday told the annual gathering of the state Conservative Party that he would not be a candidate for governor in 2018.

“There’s no reason to go out and waste your money and waste the time of people when you just don’t have the weaponry,” Paladino told reporters after speaking to the conference of about 100 people at a hotel outside of Albany.

Paladino was the party’s 2010 nominee for governor, losing to Democrat Andrew Cuomo.

Cuomo, who has more than $30 million in his campaign account, is seeking a third term this year.

Paladino in his speech to the Conservative Party gathering called on state Republican Chairman Ed Cox to step down and knocked Republicans for failing to recruit a competitive challenger to the governor.

“I just don’t think that there’s the support that you would need from the Republican Party,” Paladino said. “There’s great support from Mike Long and the Conservative Party, but you need a solid backing, a cooperative legislative base, assemblymen and senators supporting the effort and it’s just not there.”

Paladino was removed from the Buffalo School Board last year after he was found to have released confidential information regarding contract talks with the Buffalo teachers’ union. But the move to oust him also came after Paladino made racially charged and disparaging remarks about Barack and Michelle Obama to a western New York newsweekly.

Paladino was a prominent supporter of President Donald Trump’s 2016 campaign in New York.

Assembly Minority Leader Brian Kolb and former Erie County Executive Joel Giambra are the two declared Republicans in the race for governor at this point. Sen. John DeFrancisco plans to make an announcement on Tuesday on his plans to launch a campaign for governor.

Other Republicans reportedly in the mix include John Cahill, a former top aide to Gov. George Pataki who ran for attorney general in 2014.