Wild stocks of Atlantic cod (Gadus morhua) are low. With fisheries in decline, continued demand for cod has led to a fledgling aquaculture industry and current forecasts call for rapid growth. However, critics blame aquaculture of carnivorous species for further depleting fish stocks and for its wider effects on the marine environment. We examine the activities of Johnson Seafarms, a sea-cage organic cod farming facility in the Shetland Islands, to investigate whether "organic" cod farming can be environmentally, economically, and socially sustainable. Data were collected via public questionnaires and interviews with aquaculture experts. The results show that, before it closed in 2008, Johnson Seafarms was addressing the environmental concerns traditionally associated with aquaculture of carnivorous species and that economic viability is possible as a market exists for organically farmed cod at prices higher than for wild fish. We conclude that organic cod farming, as was practiced in the Shetland Islands, is sustainable on that scale. While the industry has room for measured expansion, overexpansion would increase pressure on natural systems, undermining environmental and, ultimately, social and economic sustainability. Producers and regulators should consider alternative techniques, including land-based or integrated aquaculture systems. Any development should be accompanied by further research regarding the industry's sustainability.