it definitely could help releave paranoia if you drink a little alcohol, or take some benzos (xanax, kpin, valium, etc.), but strains could certainly have an effect as well.
i hardly ever get paranoia from smoking, unless i'm on some uppers, but i could see a sativa strain making one more paranoid than an indica due to the head (sativa) vs body (indica) high.
environment also has a lot to do with paranoia to me; are you smoking in a house/apartment? or cruising around. driving around and smoking always makes me a little on edge.
edit: i also have an interesting perspective on paranoia cause i have never really minded it, unless i'm in my room alone out-of-my-mind just staring at the door for someone to enter (only happened a few times). i always just look at paranoia as me being very aware of my environment haha