Since THC and the other cannabinoids ingested in marijuana usage are quite "sticky" molecules and bind to many surfaces in the brain, it would be hard to pinpoint the exact mechanism of paranoia and other effects such as anxiety, as THC indirectly effects endless other neural systems such as 5HT, DA, NE, NMDA, MCR, BDNF, opioids, ACh etc. As the above two posters have pointed out, the "pharmacology" of THC has just begun to be unraveled. Research is discovering non-CB receptor mediated cannabinoid effects. Vanilloid type receptors, related to the capsaicin(think hot pepper) molecule, are also interestingly involved in cannabinoid pharmacology (PubMed: 15140635). What all this means is that we don't really know how cannabinoids work in vivo, although we scientists can manufacture some cool dose-response or concentration-variance charts of cannabinoid ligands such as SR141716a (which in the literature is labelled anything from a partial agonist (PMID: 15075622), to a inverse agonist, and an antagonist (PMID: 14709326), WIN 55,212-2 (agonist), and inverse agonist AM251.
If I was to guess factors influencing paranoia produced by pot/MDMA, the indirect release and retrograde signaling of dopamine in various corticotemporolimbic regions probably plays a role, possibly causing a temporary temporolimbic dysfunction, as hypothesized is to occur in schizophrenics, who often display paranoia (Weinberger D., 2003). Psychologically, the distortion of reality, STM loss, along with the temporal distintegration and over-thinking associated with cannabis intoxication could all be contributing factors. Again, with chaotic quantum biological systems such as our CNS, it is possible one's person's paranoia is another's euphoria, as we all function differently on diverse levels of top-down and bottom-up organization of the nervous system. As they say, different strokes for different strokes, especially since each of our brains is constantly rewiring themselves in response to the environment.
Let's not even start on second and third messenger systems, the actual effectors of the genetic and short term changes caused by cannabinoids. The more I learn about neurobiology the more I feel sure one man cannot figure out how we think, instead it will have to be done by an array of supercomputers incorporating unbelievably complex chemical, electrical and genetic knowledge.