----

----

| DELAWARE                                                            | 77-0313235                                |
|---------------------------------------------------------------------|-------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) | (I.R.S.      Employer Identification No.) |

| 550      South Hope Street, Suite 2850, Los Angeles, California | 90071           |
|-----------------------------------------------------------------|-----------------|
| (Address      of principal executive offices)                   | (Zip      Code) |

----

----

----

| For      the Three and  Nine months ended September 30,    2008                                           | Page                                               |
|---------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|
|                                                                                                                |                                               |
| PART      I – FINANCIAL INFORMATION                                                                           |                                               |
|                                                                                                                |                                               |
| ITEM      1.  Financial Statements                                                                        |                                               |
|                                                                                                                |                                               |
| Cadiz Inc. Consolidated Financial      Statements                                                                   |                                               |
|                                                                                                                |                                               |
| Unaudited Statements of Operations for the three      months ended September 30, 2008 and 2007                      | 1                                                  |
|                                                                                                                |                                               |
| Unaudited      Statements of Operations for the nine months ended September      30, 2008 and 2007                  | 2                                                  |
|                                                                                                                |                                               |
| Unaudited      Balance Sheets as of September 30, 2008 and December      31, 2007                                   | 3                                                  |
|                                                                                                                |                                               |
| Unaudited Statements of Cash Flows for the nine      months ended September 30, 2008 and 2007                       | 4                                                  |
|                                                                                                                |                                               |
| Unaudited Statement of Stockholders’ Equity for      the nine months ended September 30, 2008                 | 5                                                  |
|                                                                                                                |                                               |
| Unaudited Notes to the Consolidated Financial      Statements                                                       | 6                                                  |
|                                                                                                                |                                               |
|                                                                                                                |                                               |
| ITEM 2.  Management’s Discussion and Analysis of      Financial Condition and Results of Operations |              16 |
|                                                                                                                |                                               |
| ITEM 3.  Quantitative and Qualitative Disclosures      about Market Risk                                  | 27                                                 |
|                                                                                                                |                                               |
| ITEM 4.  Controls and    Procedures                                                                       | 27                                                 |
|                                                                                                                |                                               |
|                                                                                                                |                                               |
| PART II – OTHER INFORMATION                                                                                   | 28                                                 |

Cadiz Inc.

----

|                                                       |   | For      the Three Months |
|------------------------------------------------------------|--------|---------------------------|
|                                                       |   | Ended      September 30,  |
| ($      in thousands except per share data)                |   | 2008                      |           | 2007 |
|                                                       |   |                      |   |   |
| Revenues                                                   |   | $                         | 247 |   | $ | 6 |   |
|                                                       |   |                      |   |   |   |   |   |   |
| Costs      and expenses:                                   |   |                      |   |   |   |   |   |   |
| Cost of sales                                              |   |                      | 192 |   |   | - |   |
| General and      administrative                            |   |                      | 2,349 |   |   | 3,284 |   |
| Depreciation                                               |   |                      | 87 |   |   | 121 |   |
|                                                       |   |                      |   |   |   |   |   |   |
| Total      costs and expenses                              |   |                      |     2,628 |   |   | 3,405 |   |
|                                                       |   |                      |   |   |   |   |   |   |
| Operating      loss                                        |   |                      | (2,381 | ) |   | (3,399 | ) |
|                                                       |   |                      |   |   |   |   |   |   |
| Other      income (expense)                                |   |                      |   |   |   |   |   |   |
| Interest expense,    net                                   |   |                      | (1,103 | ) |   | (818 | ) |
|  Other (expense),      net                            |   |                      | (1,103 | ) |   | (818 | ) |
|                                                       |   |                      |   |   |   |   |   |   |
| Loss      before income taxes                              |   |                      | (3,484 | ) |   | (4,217 | ) |
| Income      tax provision                                  |   |                      | 2 |   |   | 1 |   |
|                                                       |   |                      |   |   |   |   |   |   |
| Net      loss                                              |   | $                         | (3,486 | ) | $ | (4,218 | ) |
|                                                       |   |                      |   |   |   |   |   |   |
| Net      loss applicable to common stock                   |   | $                         | (3,486 | ) | $ | (4,218 | ) |
|                                                       |   |                      |   |   |   |   |   |   |
| Basic      and diluted net loss per common share           |   | $                         | (0.29 | ) | $ | (0.35 | ) |
|                                                       |   |                      |   |   |   |   |   |   |
| Basic      and diluted weighted average shares outstanding |   |                      | 11,958 |   |   | 11,906 |   |
|                                                       |   |                      |

Cadiz Inc.

----

|                                                       |   | For      the Nine Months |    |
|------------------------------------------------------------|--------|--------------------------|---------|
|                                                       |   | Ended      September 30, |    |
| ($      in thousands except per share data)                |   | 2008                     |    |   | 2007 |   |
|                                                       |   |                     |    |   |   |   |
| Revenues                                                   |   | $                        | 280     |   |   | $ | 363 |   |
|                                                       |   |                     |    |   |   |   |   |   |
| Costs      and expenses:                                   |   |                     |    |   |   |   |   |   |
| Cost of sales                                              |   |                     | 209     |   |   |   | 348 |   |
| General and      administrative                            |   |                     | 8,845   |   |   |   | 6,415 |   |
| Depreciation                                               |   |                     | 256     |   |   |   | 197 |   |
|                                                       |   |                     |    |   |   |   |   |   |
| Total      costs and expenses                              |   |                     | 9,310   |   |   |   | 6,960 |   |
|                                                       |   |                     |    |   |   |   |   |   |
| Operating      loss                                        |   |                     | (9,030  | ) |   |   | (6,597 | ) |
|                                                       |   |                     |    |   |   |   |   |   |
| Other      income (expense)                                |   |                     |    |   |   |   |   |   |
| Interest expense,    net                                   |   |                     | (3,127  | ) |   |   | (2,346 | ) |
|   Other income      (expense), net               |   |                     | (3,127  | ) |   |   | (2,346 | ) |
|                                                       |   |                     |    |   |   |   |   |   |
| Loss      before income taxes                              |   |                     | (12,157 | ) |   |   | (8,943 | ) |
| Income      tax provision                                  |   |                     | 6       |   |   |   | 9 |   |
|                                                       |   |                     |    |   |   |   |   |   |
| Net      loss                                              |   | $                        | (12,163 | ) |   | $ | (8,952 | ) |
|                                                       |   |                     |    |   |   |   |   |   |
| Net      loss applicable to common stock                   |   | $                        | (12,163 | ) |   | $ | (8,952 | ) |
|                                                       |   |                     |    |   |   |   |   |   |
| Basic      and diluted net loss per common share           |   | $                        | (1.02   | ) |   | $ | (0.76 | ) |
|                                                       |   |                     |    |   |   |   |   |   |
| Basic      and diluted weighted average shares outstanding |   |                     | 11,957  |   |   |   | 11,825 |   |

Cadiz Inc.

----

|                                                                             |   | September      30, |     |   | December      31, |   |
|----------------------------------------------------------------------------------|--------|--------------------|----------|--------|-------------------|--------|
| ($      in thousands)                                                            |   | 2008               |     |   | 2007              |   |
|                                                                             |   |               |     |   |              |   |
| ASSETS                                                                           |   |               |     |   |              |   |
|                                                                             |   |               |     |   |              |   |
| Current      assets:                                                             |   |               |     |   |              |   |
| Cash and cash      equivalents                                                   |   | $                  | 2,732    |   |              | $      | 8,921 |   |
| Accounts    receivable                                                           |   |               | 202      |   |              |   | 20 |   |
| Inventories                                                                      |   |               | 459      |   |              |   | 13 |   |
| Prepaid expenses and      other                                                  |   |               | 581      |   |              |   | 203 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Total current    assets                                                          |   |               | 3,974    |   |              |   | 9,157 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Property,      plant, equipment and water programs, net                          |   |               | 35,868   |   |              |   | 36,032 |   |
| Goodwill                                                                         |   |               | 3,813    |   |              |   | 3,813 |   |
| Other      assets                                                                |   |               | 522      |   |              |   | 570 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Total Assets                                                                     |   | $                  | 44,177   |   |              | $      | 49,572 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                  |   |               |     |   |              |   |   |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Current      liabilities:                                                        |   |               |     |   |              |   |   |   |
| Accounts payable                                                                 |   | $                  | 440      |   |              | $      | 408 |   |
| Accrued    liabilities                                                           |   |               | 866      |   |              |   | 744 |   |
| Current portion of long term      debt                                           |   |               | 9        |   |              |   | 9 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Total current      liabilities                                                   |   |               | 1,315    |   |              |   | 1,161 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Long-term      debt                                                              |   |               | 32,814   |   |              |   | 29,652 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Total Liabilities                                                                |   |               | 34,129   |   |              |   | 30,813 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Commitments      and contingencies                                               |   |               |     |   |              |   |   |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Stockholders’      equity:                                                 |   |               |     |   |              |   |   |   |
| Common      stock - $.01 par value; 70,000,000 shares                            |   |               |     |   |              |   |   |   |
|   authorized;      shares issued and outstanding – 11,958,210 at |   |               |     |   |              |   |   |   |
|   September      30, 2008 and 11,903,611 at December 31, 2007          |   |               | 120      |   |              |   | 119 |   |
| Additional      paid-in capital                                                  |   |               | 257,434  |   |              |   | 253,983 |   |
| Accumulated      deficit                                                         |   |               | (247,506 | )      |              |   | (235,343 | ) |
| Total stockholders’      equity                                            |   |               | 10,048   |   |              |   | 18,759 |   |
|                                                                             |   |               |     |   |              |   |   |   |
| Total Liabilities and      Stockholders’ equity                            |   | $                  | 44,177   |   |              | $      | 49,572 |   |
|                                                                             |

Cadiz Inc.

----

|                                                                                                         |   | For      the Nine Months |    |
|--------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                                         |   | Ended      September 30, |    |
| ($      in thousands except per share data)                                                                  |   | 2008                     |    |   | 2007 |   |
|                                                                                                         |   |                     |    |   |   |   |
| Cash      flows from operating activities:                                                                   |   |                     |    |   |   |   |
| Net lossAdjustments to reconcile net loss      to                                                            |   | $                        | (12,163 | ) |   | $ | (8,952 | ) |
| net cash used for operating      activities:                                                                 |   |                     |    |   |   |   |   |   |
| Depreciation                                                                                                 |   |                     | 256     |   |   |   | 197 |   |
| Amortization of debt discount      & issuance costs                                                      |   |                     | 1,718   |   |   |   | 1,382 |   |
| Interest expense added to loan      principal                                                                |   |                     | 1,507   |   |   |   | 1,428 |   |
| Compensation charge for stock      awards and share optionsChanges in operating assets and      liabilities: |   |                     | 3,451   |   |   |   | 1,549 |   |
| Decrease (increase) in accounts      receivable                                                              |   |                     | (182    | ) |   |   | 272 |   |
| Decrease (increase) in      inventories                                                                      |   |                     | (446    | ) |   |   | (10 | ) |
| Decrease (increase) in prepaid      expenses and other                                                       |   |                     | (378    | ) |   |   | (55 | ) |
| Increase (decrease) in accounts      payable                                                                 |   |                     | 32      |   |   |   | 80 |   |
| Increase (decrease) in accrued      liabilities                                                              |   |                     | 122     |   |   |   | 902 |   |
|  Net cash used for operating      activities                                                            |   |                     | (6,083  | ) |   |   | (3,207 | ) |
|                                                                                                         |   |                     |    |   |   |   |   |   |
| Cash      flows from investing activities:                                                                   |   |                     |    |   |   |   |   |   |
| Investment in marketable      securities                                                                     |   |                     | -       |   |   |   | (8,775 | ) |
| Additions to property, plant and      equipment                                                              |   |                     | (92     | ) |   |   | (990 | ) |
| Other                                                                                                        |   |                     | (7      | ) |   |   | (250 | ) |
|                                                                                                         |   |                     |    |   |   |   |   |   |
| Net cash used by investing      activities                                                                   |   |                     | (99     | ) |   |   | (10,015 | ) |
|                                                                                                         |   |                     |    |   |   |   |   |   |
| Cash      flows provided by (used by) financing activities:                                                  |   |                     |    |   |   |   |   |   |
| Net proceeds from exercise of      stock options                                                             |   |                     | -       |   |   |   | 140 |   |
| Net proceeds from exercise of      warrants                                                                  |   |                     | -       |   |   |   | 5,031 |   |
| Debt issuance    costs                                                                                       |   |                     | -       |   |   |   | - |   |
| Principal payments on long-term      debt                                                                    |   |                     | (7      | ) |   |   | (6 | ) |
|                                                                                                         |   |                     |    |   |   |   |   |   |
| Net cash provided by (used by)      financing activities                                                     |   |                     | (7      | ) |   |   | 5,165 |   |
|                                                                                                         |   |                     |    |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents                                                    |   |                     | (6,189  | ) |   |   | (8,057 | ) |
|                                                                                                         |   |                     |    |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                                                          |   |                     | 8,921   |   |   |   | 10,397 |   |
|                                                                                                         |   |                     |    |   |   |   |   |   |
| Cash      and cash equivalents, end of period                                                                |   | $                        | 2,732   |   |   | $ | 2,340 |   |

Cadiz Inc.

----

|                                            |   |         |       |   | Additional |   |   |        |   |   | Total               |   |
|--------------------------------------------|--------|--------------|------------|--------|------------|--------|--------|-------------|--------|--------|---------------------|--------|
|                                       |   | Common Stock |       |   | Paid-in    |   |   | Accumulated |   |   | Stockholders’ |   |
|                                       |   | Shares       |       |   | Amount     |   |   | Capital     |   |   | Deficit             |   |   | Equity |   |
|                                       |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |
| Balance      as of December 31, 2007       |   |         | 11,903,611 |   |       | $      | 119    |        |   | $      | 253,983             |   |   | $ | (235,343 | ) |   | $ | 18,759 |   |
|                                       |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Stock      awards                          |   |         | 54,599     |   |       |   | 1      |        |   |   | -                   |   |   |   | - |   |   |   | 1 |   |
|                                       |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Stock      based compensation expense |   |         | -          |   |       |   | -      |        |   |   | 3,451               |   |   |   | - |   |   |   | 3,451 |   |
|                                       |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Net      loss                              |   |         | -          |   |       |   | -      |        |   |   | -                   |   |   |   | (12,163 | ) |   |   | (12,163 | ) |
|                                       |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Balance      as of September 30, 2008 |   |         | 11,958,210 |   |       | $      | 120    |        |   | $      | 257,434             |   |   | $ | (247,506 | ) |   | $ | 10,048 |   |

adiz Inc.

----

|                               |   | September      30, |   |   | December      31, |   |
|------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                               |   | 2008               |   |   | 2007              |   |
|                               |   |               |   |   |              |   |
| Land      and land improvements    |   | $                  | 21,998 |   |              | $      | 21,998 |   |
| Water      programs                |   |               | 14,274 |   |              |   | 14,274 |   |
| Buildings                          |   |               | 1,161  |   |              |   | 1,161 |   |
| Leasehold      Improvements        |   |               | 570    |   |              |   | 570 |   |
| Furniture      & Fixtures      |   |               | 407    |   |              |   | 334 |   |
| Machinery      and equipment       |   |               | 852    |   |              |   | 807 |   |
| Construction      in progress      |   |               | -      |   |              |   | 27 |   |
|                               |   |               | 39,262 |   |              |   | 39,171 |   |
|                               |   |               |   |   |              |   |   |   |
| Less      accumulated depreciation |   |               | (3,394 | )      |              |   | (3,139 | ) |
|                               |   |               |   |   |              |   |   |   |
|                               |   | $                  | 35,868 |   |              | $      | 36,032 |   |

|                                                                                                                                                    |   | September      30, |   |   | December      31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                                                                                                                                    |   | 2008               |   |   | 2007              |   |
|                                                                                                                                                    |   |               |   |   |              |   |
| Zero      coupon secured convertible term loan due June 29, 2011.  Interest      accruing at 5% per annum until June 29, 2009 and at 6% thereafter |   | $                  | 40,750 |   |              | $      | 39,244 |   |
| Other      loans                                                                                                                                        |   |               | 16     |   |              |   | 22 |   |
| Debt      Discount                                                                                                                                      |   |               | (7,943 | )      |              |   | (9,605 | ) |
|                                                                                                                                                    |   |               | 32,823 |   |              |   | 29,661 |   |
|                                                                                                                                                    |   |               |   |   |              |   |   |   |
| Less current    portion                                                                                                                                 |   |               | 9      |   |              |   | 9 |   |
|                                                                                                                                                    |   |               |   |   |              |   |   |   |
|                                                                                                                                                    |   | $                  | 32,814 |   |              | $      | 29,652 |   |

| 12      MonthsBeginning      September 30, |   | $      | 000’s |   |
|--------------------------------------------|--------|--------|-------------|--------|
|                                       |   |   |        |   |
| 2008                                       |   |   | 9           |   |
| 2009                                       |   |   | 7           |   |
| 2010                                       |   |   | -           |   |
| 2011                                       |   |   | 40,750      |   |
| 2012                                       |   |   | -           |   |
|                                       |   | $      | 40,766      |   |

| -   | A      150,000 share award, that vests in three equal installments on January 1,      2008, January 1, 2009 and January 1, 2010.  50,000 shares were      issued pursuant to this award on January 3,  2008. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | A      400,000 share award, that is available if the trading price of the      Company’s stock is at least $28 per share for 10 trading days within any      period of 30 consecutive trading days on or before March 12,      2009.  This award would vest in four equal installments on      January 1, 2008, January 1, 2009, January 1, 2010 and January 1,      2011.  The trading price condition was not satisfied during the      nine months ended September 30, 2008, and no shares were issuable under      this grant. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | A      400,000 share award, that is available if the trading price of the      Company’s stock is at least $35 per share for 10 trading days within any      period of 30 consecutive trading days on or before March 12,      2009.  This award would also vest in four equal installments on      January 1, 2008, January 1, 2009, January 1, 2010 and January 1,      2011.  The trading price condition was not satisfied during the      nine months ended September 30, 2008, and no shares were issuable under      this grant. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Risk      free interest rate         | 4.74%          |
|--------------------------------------|----------------|
| Current      stock price             | $19.74         |
| Expected      volatility             | 38.0%          |
| Expected      dividend yield         | 0.0%           |
| Weighted      average vesting period | 2.0      years |

Cadiz Inc.

----

| ITEM      2. | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations |
|--------------|-------------------------------------------------------------------------------------------------------|

|                                 | Three      Months Ended |   |
|--------------------------------------|-------------------------|--------|
|                                 | September 30,           |   |
|                                 | 2008                    |   |   | 2007 |   |
|                                 |                    |   |   |   |   |
| Interest      on outstanding debt    |                    | $      | 514 |   |   | $ | 490 |   |
| Amortization      of financing costs |                    |   | 20 |   |   |   | 16 |   |
| Amortization      of debt discount   |                    |   | 586 |   |   |   | 471 |   |
| Interest      income                 |                    |   | (17 | ) |   |   | (159 | ) |
|                                 |                    |   |   |   |   |   |   |   |
|                                 |                    | $      | 1,103 |   |   | $ | 818 |   |

|                                 | Nine      months Ended |   |
|--------------------------------------|------------------------|--------|
|                                 | September 30,          |   |
|                                 | 2008                   |   |   | 2007 |   |
|                                 |                   |   |   |   |   |
| Interest      on outstanding debt    |                   | $      | 1,507 |   |   | $ | 1,428 |   |
| Amortization      of financing costs |                   |   | 56 |   |   |   | 45 |   |
| Amortization      of debt discount   |                   |   | 1,662 |   |   |   | 1,337 |   |
| Interest      income                 |                   |   | (98 | ) |   |   | (464 | ) |
|                                 |                   |   |   |   |   |   |   |   |
|                                 |                   | $      | 3,127 |   |   | $ | 2,346 |   |

| ·   | a      final maturity date of June 29,2011; |
|--------------------|---------------------------------------------|

| ·   | a      zero coupon structure, which requires no cash interest payments prior to      the final maturity date; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| ·   | a      5% interest rate for the first 3 years, with a 6% interest rate      thereafter. |
|--------------------|-----------------------------------------------------------------------------------------|

|                            |   | Payments Due by Period |   |
|---------------------------------|--------|------------------------|--------|
| Contractual Obligations         |   | Total                  |   |   | 1 year or less |   |   | 2-3 years |   |   | 4-5 years |   |   | After 5 years |   |
|                            |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long      term debt obligations |   | $                      | 40,766 |   |   | $ | 9 |   |   | $ | 7 |   |   | $ | 40,750 |   |   | $ | - |   |
| Interest      Expense           |   |                   | 8,018  |   |   |   | 1 |   |   |   | - |   |   |   | 8,017 |   |   |   | - |   |
| Operating      leases           |   |                   | 1,164  |   |   |   | 372 |   |   |   | 608 |   |   |   | 184 |   |   |   | - |   |
|                            |   | $                      | 49,948 |   |   | $ | 382 |   |   | $ | 615 |   |   | $ | 48,951 |   |   | $ | - |   |
|                            |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

ITEM3.                      Quantitativeand Qualitative Disclosures about Market Risk

ITEM4.                      Controlsand Procedures

PART II  -  OTHER INFORMATION

| ITEM      1. | Legal      Proceedings |
|--------------|------------------------|

| ITEM      1A. | Risk      Factors |
|---------------|-------------------|

| ITEM      2. | Unregistered      Sales of Equity Securities and Use ofProceeds |
|--------------|-----------------------------------------------------------------|

|   | Not      applicable. |
|--------|----------------------|

| ITEM      3. | Defaults      Upon Senior Securities |
|--------------|--------------------------------------|

|   | Not      applicable. |
|--------|----------------------|

| ITEM      4. | Submission      of Matter to a Vote of SecurityHolders |
|--------------|--------------------------------------------------------|

|   | Not      applicable. |
|--------|----------------------|

| ITEM      5. | Other      Information |
|--------------|------------------------|

|   | Not      applicable. |
|--------|----------------------|

| ITEM      6. | Exhibits |
|--------------|----------|

|   | 10.1 | Longitudinal      Lease Agreement (“Agreement”) dated September 17, 2008 between Arizona      & California Railroad Company and Cadiz Real Estate,      L.L.C. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.1 | Certification      of Keith Brackpool, Chairman and Chief Executive Officer of Cadiz Inc.      pursuant to Section 302 of the Sarbanes-Oxley Act of  2002 |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification      of O’Donnell Iselin II, Chief Financial Officer and Secretary of Cadiz      Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of    2002 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification      of Keith Brackpool, Chairman and Chief Executive Officer of Cadiz Inc.      pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of      the Sarbanes-Oxley Act of 2002 |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification      of O'Donnell Iselin II, Chief Financial Officer and Secretary of Cadiz      Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section      906 of the Sarbanes-Oxley Act of2002 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| By:    |  /s/ Keith Brackpool                                          | November      10, 2008  |
|--------|--------------------------------------------------------------------|------------------------------|
|   | Keith      Brackpool                                          | Date                    |
|   | Chairman of the      Board and Chief Executive Officer             |                         |
|   | (Principal Executive      Officer)                            |                         |
|   |                                                               |                         |
| By:    | /s/      O'Donnell Iselin II                                  | November      10, 2008  |
|   | O'Donnell      Iselin II                                      | Date                    |
|   | Chief Financial      Officer and Secretary     |                         |
|   | (Principal Financial      Officer)                            |                         |