The Molecule Man originally used this wand to focus his power, and believed he could not access his power without the wand. However, it turned out that he did not need the wand after all, and only depended on it due to his extreme self-doubt. Once he started seeing a therapist, he no longer needed the wand.
The wand does not have any powers on its own; it is only a tool Reece used to focus his powers, and in which, for a time, his mind resided.
Major Story Arcs
After his debut, the Molecule Man was defeated by the Fantastic Four and exiled to another dimension by the Watcher. There, he seemed to die to to the dimensional accelerated time, but he unconsciously used his power to create his "son" and essentially reincarnate himself. This "son" took his wand and eventually made his way back to Earth, in the Everglades, where he confronted the Thing and Man-Thing. They defeated him by knocking his wand away, at which point his body was destroyed and his mind went into the wand. From this point on, whenever someone picked up the wand, the Molecule Man would possess him or her and regain his power. Then he would usually be defeated by having the wand knocked out of his hand.
First he took over a young girl named Cynthia, who found the wand in the Everglades, and once again battled Man-Thing, as well as Iron Man.
Klaw later found the wand and gave it to an anonymous boxer, who in turn gave possession of it to Mr. Fantastic. The Molecule Man took over Mr. Fantastic, and he and Klaw battled the Fantastic Four. The wand was eventually knocked down a smokestack.
The wand later ended up in an ash heap in upstate New York, where a homeless man found it. The Molecule Man took over him and battled the Micronaut Biotron, and was knocked out by electricity.
The Silver Surfer eventually found the wand, but this time, being stimulated by the Surfer's Power Cosmic, the Molecule Man was able to finally recreate his original body out of scratch. He battled the Surfer and Avengers. This time, Tigra was able to persuade him to stop fighting and try to find inner peace. They found him a therapist, who eventually persuaded him that he didn't need the wand after all. Since then he has been able to use his powers freely without the wand.