A security container for holding a product. The container includes a jacket having a cavity, a sleeve receivable in the cavity, and a chamber in the sleeve for holding the product. The sleeve moves within the cavity between a position where a user can access the chamber and a position where they cannot access the chamber. A locking mechanism secures the sleeve against movement when in the locked condition and permits movement thereof when unlocked. An alarm mechanism is provided that is simultaneously activated when the locking mechanism is locked and deactivated when the locking mechanism is unlocked. The locking mechanism includes a magnetic locking member movable by a dedicated magnetic key to unlock the mechanism. The security container is adjustable in length to accommodate products of different sizes. The container is of a diminutive size in that it is capable of fitting into a man's dress shirt pocket.