PHILADELPHIA (CBS) -- Retired Philadelphia Police Lt. John Wood has dropped out of the city's mayoral race.

Wood, despite drawing the first ballot position from a Horn & Hardart coffee can, says he can't compete against the fundraising by the other candidates in the race.

"I got into this race later than the other candidates. I understand these circumstances make it difficult for me to continue my run," Wood said in a statement. "This was never about me. This was about prioritizing the city's safety, and I wish the next Mayor luck in pursuing this monumental task."

Wood served as a Philadelphia police officer for 31 years, rising to the rank of lieutenant. He held that rank in the 6th and 22nd Police Districts and the Airport Unit.

Wood retired in 2020 and said his candidacy was built around reducing crime in Philadelphia.

"I entered the mayoral race because I see the extreme violence taking place in our city," Wood said. "Like many Philadelphians, I was heartbroken and wanted to help the community. I achieved the No. 1 ballot position and believe this legitimized my candidacy and boosted my efforts."

His campaign website said he wanted to create a task force made up of representatives from all police departments in the city, including SEPTA and university and PHA police

He also wanted to increase officer recruitment and implement "community liaison officers" who will be trained at the police academy but have no arrest power.

Wood's withdrawal leaves 12 candidates who have filed nomination petitions, meaning they're running in the primary.

The primary for the mayor race is May 16.