  This paper is aimed at providing new insight into the nature and origin of
the molecular complex situated near the line of sight toward Holmberg IX in the
M81 group of galaxies. The first high resolution CO maps of the complex as well
as single dish 13CO(1-0), 12CO(3-2) and millimeter continuum observations and
the results of a survey of 12CO in the region are presented. These data
together with the available HI, optical and X-ray observations are analyzed to
study the properties and environment of the complex. We confirm there is no
unobscured massive star formation inside the complex and from the millimeter
constraint on the extinction it must have a low star formation rate or be
forming only low mass stars. According to the CO line ratios the abundances and
physical conditions could be similar to that of cold gas in spirals. We find
from its dynamics (no rotation) and its mass (2--6 million solar masses) that
it resembles a massive GMC. Also, re-inspecting N-body simulations of the M81
group and the HI data we find that it might be located inside the extreme outer
disk of M81 and be cospatial with the HI feature known as Concentration I. The
negative result of the CO survey suggests that the complex is unique in this
region and calls for a peculiar local formation process. We find that the
distribution of the CO emission in the data cube is asymmetrical in a way
similar to a cometary object. The optical observations of the nearby supershell
MH9/10 suggest the existence of an outflow toward the complex. We consider the
possibility that the molecular complex is related to this hypothetical outflow.
