----

----

| 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 Months ended March 31, 2008                                                                                                   | Page   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                             |   |
| PART      I – FINANCIAL INFORMATION                                                                                                        |   |
|                                                                                                                                             |   |
| ITEM      1.  Financial Statements                                                                                                     |   |
|                                                                                                                                             |   |
| Cadiz Inc. Consolidated Financial      Statements                                                                                                |   |
|                                                                                                                                             |   |
|         Unaudited Statements of Operations for the three      months ended March 31, 2008 and 2007       | 1      |
|                                                                                                                                             |   |
|         Unaudited Balance Sheets as of March 31, 2008 and      December 31, 2007                         | 2      |
|                                                                                                                                             |   |
|         Unaudited Statements of Cash Flows for the      three months ended March 31, 2008 and 2007       | 3      |
|                                                                                                                                             |   |
|         Unaudited Statement of Stockholders’      Equity for the three months ended March 31, 2008 | 4      |
|                                                                                                                                             |   |
|         Unaudited Notes to the Consolidated      Financial Statements                                    | 5      |
|                                                                                                                                             |   |
|                                                                                                                                             |   |
| ITEM 2.  Management’s Discussion and Analysis of      Financial Condition and Results of Operations                              | 14     |
|                                                                                                                                             |   |
| ITEM 3.  Quantitative and Qualitative Disclosures      about Market Risk                                                               | 22     |
|                                                                                                                                             |   |
| ITEM 4.  Controls and    Procedures                                                                                                    | 22     |
|                                                                                                                                             |   |
|                                                                                                                                             |   |
| PART II – OTHER INFORMATION                                                                                                                | 23     |

CADIZ INC.

|                                                                                                                  | For      the Three Months |
|-----------------------------------------------------------------------------------------------------------------------|---------------------------|
|                                                                                                                  | Ended      March 31,      |
|  ($      in thousands except per share data)                                                                     | 2008                      |   | 2007 |
|                                                                                                                  |                      |   |   |
| Revenues                                                                                                              | $                         | 17 |   | $ | 352 |   |
|                                                                                                                  |                      |   |   |   |   |   |
| Costs      and expenses:                                                                                              |                      |   |   |   |   |   |
| Cost of Sales                                                                                                         |                      | 13 |   |   | 348 |   |
| General and      administrative                                                                                       |                      | 3,928 |   |   | 1,775 |   |
| Depreciation and      amortization                                                                                    |                      | 84 |   |   | 37 |   |
|                                                                                                                  |                      |   |   |   |   |   |
| Total      costs and expenses                                                                                         |                      | 4,025 |   |   | 2,160 |   |
|                                                                                                                  |                      |   |   |   |   |   |
| Operating      loss                                                                                                   |                      | (4,008 | ) |   | (1,808 | ) |
|                                                                                                                  |                      |   |   |   |   |   |
| Other      income (expense)                                                                                           |                      |   |   |   |   |   |
|                      Interest expense, net |                      | (970 | ) |   | (763 | ) |
|                      Other (expense), net  |                      | (970 | ) |   | (763 | ) |
|                                                                                                                  |                      |   |   |   |   |   |
| Loss      before income taxes                                                                                         |                      | (4,978 | ) |   | (2,571 | ) |
| Income      tax provision                                                                                             |                      | 1 |   |   | 5 |   |
|                                                                                                                  |                      |   |   |   |   |   |
| Net      loss                                                                                                         | $                         | (4,979 | ) | $ | (2,576 | ) |
|                                                                                                                  |                      |   |   |   |   |   |
| Net      loss applicable to common stock                                                                              | $                         | (4,979 | ) | $ | (2,576 | ) |
|                                                                                                                  |                      |   |   |   |   |   |
| Basic      and diluted net loss per common share                                                                      | $                         | (0.42 | ) | $ | (0.22 | ) |
|                                                                                                                  |                      |   |   |   |   |   |
| Basic      and diluted weighted average shares outstanding                                                            |                      | 11,957 |   |   | 11,680 |   |
|                                                                                                                  |                      |

CADIZINC.

|                                                                             | March      31, |     | December      31, |   |
|----------------------------------------------------------------------------------|----------------|----------|-------------------|--------|
| ($      in thousands)                                                            | 2008           |     | 2007              |   |
|                                                                             |           |     |              |   |
| ASSETS                                                                           |           |     |              |   |
|                                                                             |           |     |              |   |
| Current      assets:                                                             |           |     |              |   |
| Cash and cash      equivalents                                                   | $              | 6,697    |              | $      | 8,921 |   |
| Accounts    receivable                                                           |           | 31       |              |   | 20 |   |
| Prepaid expenses and      other                                                  |           | 749      |              |   | 216 |   |
|                                                                             |           |     |              |   |   |   |
| Total current    assets                                                          |           | 7,477    |              |   | 9,157 |   |
|                                                                             |           |     |              |   |   |   |
| Property,      plant, equipment and water programs, net                          |           | 36,008   |              |   | 36,032 |   |
| Goodwill                                                                         |           | 3,813    |              |   | 3,813 |   |
| Other      assets                                                                |           | 553      |              |   | 570 |   |
|                                                                             |           |     |              |   |   |   |
|     Total      Assets                                        | $              | 47,851   |              | $      | 49,572 |   |
|                                                                             |           |     |              |   |   |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                  |           |     |              |   |   |   |
|                                                                             |           |     |              |   |   |   |
| Current      liabilities:                                                        |           |     |              |   |   |   |
| Accounts payable                                                                 | $              | 747      |              | $      | 408 |   |
| Accrued    liabilities                                                           |           | 954      |              |   | 744 |   |
| Current portion of long term      debt                                           |           | 9        |              |   | 9 |   |
|                                                                             |           |     |              |   |   |   |
| Total current      liabilities                                                   |           | 1,710    |              |   | 1,161 |   |
|                                                                             |           |     |              |   |   |   |
| Long-term      debt                                                              |           | 30,655   |              |   | 29,652 |   |
|                                                                             |           |     |              |   |   |   |
|     Total      Liabilities                                   |           | 32,365   |              |   | 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 |           |     |              |   |   |   |
|   March      31, 2008 and 11,903,611 at December 31, 2007              |           | 120      |              |   | 119 |   |
| Additional      paid-in capital                                                  |           | 255,688  |              |   | 253,983 |   |
| Accumulated      deficit                                                         |           | (240,322 | )                 |   | (235,343 | ) |
|     Total      stockholders’ equity                    |           | 15,486   |              |   | 18,759 |   |
|                                                                             |           |     |              |   |   |   |
|     Total      Liabilities and Stockholders’ equity    | $              | 47,851   |              | $      | 49,572 |   |
|                                                                             |

CADIZ INC.

|                                                                                                         | For      the Three Months |   |
|--------------------------------------------------------------------------------------------------------------|---------------------------|--------|
|                                                                                                         | Ended      March 31,      |   |
| ($      in thousands except per share data)                                                                  | 2008                      |   |   | 2007 |   |
|                                                                                                         |                      |   |   |   |   |
| Cash      flows from operating activities:                                                                   |                      |   |   |   |   |
| Net lossAdjustments to reconcile net loss      to                                                            | $                         | (4,979 | ) |   | $ | (2,576 | ) |
| net cash used for operating      activities:                                                                 |                      |   |   |   |   |   |   |
| Depreciation and      amortization                                                                           |                      | 84     |   |   |   | 37 |   |
| Amortization of debt discount      & issuance costs                                                      |                      | 538    |   |   |   | 435 |   |
| Interest expense added to loan      principal                                                                |                      | 485    |   |   |   | 456 |   |
| Compensation charge for stock      awards and share optionsChanges in operating assets and      liabilities: |                      | 1,705  |   |   |   | 65 |   |
| Decrease (increase) in accounts      receivable                                                              |                      | (11    | ) |   |   | 256 |   |
| Decrease (increase) in prepaid      expenses and other                                                       |                      | (533   | ) |   |   | (147 | ) |
| Increase (decrease) in accounts      payable                                                                 |                      | 339    |   |   |   | (63 | ) |
| Increase (decrease) in accrued      liabilities                                                              |                      | 210    |   |   |   | 144 |   |
|  Net cash used for operating      activities                                                            |                      | (2,162 | ) |   |   | (1,393 | ) |
|                                                                                                         |                      |   |   |   |   |   |   |
| Cash      flows from investing activities:                                                                   |                      |   |   |   |   |   |   |
| Investment in marketable      securities                                                                     |                      | -      |   |   |   | (8,540 | ) |
| Additions to property, plant and      equipment                                                              |                      | (60    | ) |   |   | (1 | ) |
|                                                                                                         |                      |   |   |   |   |   |   |
| Net cash used by investing      activities                                                                   |                      | (60    | ) |   |   | (8,541 | ) |
|                                                                                                         |                      |   |   |   |   |   |   |
| Cash      flows from financing activities:                                                                   |                      |   |   |   |   |   |   |
| Net proceeds from exercise of      stock options                                                             |                      | -      |   |   |   | 140 |   |
| Net proceeds from exercise of      warrants                                                                  |                      | -      |   |   |   | 5,031 |   |
| Principal payments on long-term      debt                                                                    |                      | (2     | ) |   |   | (2 | ) |
|                                                                                                         |                      |   |   |   |   |   |   |
| Net cash provided by (used by)      financing activities                                                     |                      | (2     | ) |   |   | 5,169 |   |
|                                                                                                         |                      |   |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                               |                      | (2,224 | ) |   |   | (4,765 | ) |
|                                                                                                         |                      |   |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                                                          |                      | 8,921  |   |   |   | 10,397 |   |
|                                                                                                         |                      |   |   |   |   |   |   |
| Cash      and cash equivalents, end of period                                                                | $                         | 6,697  |   |   | $ | 5,632 |   |

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 |   |         | -          |   |       |   | -      |        |   |   | 1,705               |   |   |   | - |   |   |   | 1,705 |   |
|                                       |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Net      loss                              |   |         | -          |   |       |   | -      |        |   |   | -                   |   |   |   | (4,979 | ) |   |   | (4,979 | ) |
|                                       |   |         |       |   |       |   |   |        |   |   |                |   |   |   |   |   |   |   |   |   |
| Balance      as of March 31, 2008     |   |         | 11,958,210 |   |       | $      | 120    |        |   | $      | 255,688             |   |   | $ | (240,322 | ) |   | $ | 15,486 |   |

CADIZ INC.

|                                                       |   | March      31, |   |   | 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      |   |           | 379    |   |              |   | 334 |   |
|     Machinery and      equipment       |   |           | 849    |   |              |   | 807 |   |
|     Construction in      progress      |   |           | -      |   |              |   | 27 |   |
|                                                       |   |           | 39,231 |   |              |   | 39,171 |   |
|                                                       |   |           |   |   |              |   |   |   |
|     Less      accumulated depreciation |   |           | (3,223 | )      |              |   | (3,139 | ) |
|                                                       |   |           |   |   |              |   |   |   |
|                                                       |   | $              | 36,008 |   |              | $      | 36,032 |   |

|                                                                                                                                                                                      |   | March      31, |   |   | 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 |   | $              | 39,729 |   |              | $      | 39,244 |   |
|     Other      loans                                                                                                                                                  |   |           | 20     |   |              |   | 22 |   |
|     Debt      Discount                                                                                                                                                |   |           | (9,085 | )      |              |   | (9,605 | ) |
|                                                                                                                                                                                      |   |           | 30,664 |   |              |   | 29,661 |   |
|                                                                                                                                                                                      |   |           |   |   |              |   |   |   |
|     Less      current portion                                                                                                                                         |   |           | 9      |   |              |   | 9 |   |
|                                                                                                                                                                                      |   |           |   |   |              |   |   |   |
|                                                                                                                                                                                      |   | $              | 30,655 |   |              | $      | 29,652 |   |

| 12      MonthsBeginning      March 31, |   | $      | 000’s |   |
|----------------------------------------|--------|--------|-------------|--------|
|                                   |   |   |        |   |
| 2008                                   |   |   | 9           |   |
| 2009                                   |   |   | 9           |   |
| 2010                                   |   |   | 2           |   |
| 2011                                   |   |   | 39,729      |   |
| 2012                                   |   |   | -           |   |
|                                   |   | $      | 39,749      |   |

| -   | 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      three months ended March 31, 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      three months ended March 31, 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 |

ITEM 2.
 

|                                 | Three      Months Ended |   |
|--------------------------------------|-------------------------|--------|
|                                 | March 31,               |   |
|                                 | 2008                    |   |   | 2007 |   |
|                                 |                    |   |   |   |   |
| Interest on outstanding      debt    |                    | $      | 485 |   |   | $ | 456 |   |
| Amortization of financing      costs |                    |   | 18 |   |   |   | 14 |   |
| Amortization of debt      discount   |                    |   | 520 |   |   |   | 421 |   |
| Interest income                      |                    |   | (53 | ) |   |   | (128 | ) |
|                                 |                    |   |   |   |   |   |   |   |
|                                 |                    | $      | 970 |   |   | $ | 763 |   |

| ·   | 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 |   | $                      | 39,749 |   |   | $ | 9 |   |   | $ | 11 |   |   | $ | 39,729 |   |   | $ | - |   |
| Interest      Expense           |   |                   | 8,018  |   |   |   | 1 |   |   |   | - |   |   |   | 8,017 |   |   |   | - |   |
| Operating      leases           |   |                   | 799    |   |   |   | 181 |   |   |   | 345 |   |   |   | 273 |   |   |   | - |   |
|                            |   | $                      | 48,566 |   |   | $ | 191 |   |   | $ | 356 |   |   | $ | 48,019 |   |   | $ | - |   |
|                            |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

ITEM 3.

ITEM 4.

PART II  -  

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

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

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

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

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

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

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

|   | 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                                         | May      8, 2008  |
|--------|-------------------------------------------------------------------|------------------------|
|   | Keith      Brackpool                                         | Date              |
|   | Chairman of the      Board and Chief Executive Officer            |                   |
|   | (Principal Executive      Officer)                           |                   |
|   |                                                              |                   |
| By:    | /s/      O'Donnell Iselin II                                 | May      8, 2008  |
|   | O'Donnell      Iselin II                                     | Date              |
|   | Chief Fiancial      Officer and Secretary     |                   |
|   | (Principal Financial      Officer)                           |                   |