Bakkhos Holding, the company that was under contract to purchase the K2 building, has terminated its contract and has decided to look elsewhere, said Dan Anglin, a spokesman for the company, on Wednesday.

Anglin said there was too much uncertainty surrounding the King County permitting and rezoning process. Bakkhos, which had hoped to set up a manufacturing plant for EdiPure-brand edible marijuana products, simply couldn’t afford to wait, he said.

While the King County Council yesterday passed out of committee a comprehensive plan amendment that would allow marijuana business at K2, Bakkhos would still be required to get the property rezoned from Community Business to Industrial and to obtain a Conditional Use Permit before it could open its operation.

Anglin said it’s not clear how long a rezone would take. And while a Conditional Use Permit could happen as quickly as six months, it’s almost sure to be appealed by someone on Vashon, adding another six months to the process.

“Unfortunately this just comes down to a simple business decision that equates to are we going to lose money for year or are we going to start our business,” he said.

Anglin said he asked King County to consider lifting the Conditional Use Permit requirement for properties zoned Industrial, but no council members proposed doing so.

Bakkhos will keep its application with the Liquor Control Board open and plans to look at properties outside King County. It will start its search in Mason County, which Anglin said does not have the same added permitting requirements as King County.